Early trade in New York: Dollar slips on doubts over swift US fiscal policy changes

The US dollar slipped to a more than two-week low against the yen and a one-week trough on a closely followed index on Friday as investors doubted the likelihood of swift tax reform and a quick boost in spending from US President Donald Trump's administration.
The dollar index, which measures the greenback against a basket of six major currencies, was set to snap two straight weeks of gains with a weekly loss. On Thursday, US Treasury Secretary Steven Mnuchin suggested that much work was still needed on key elements of a tax reform plan, one of the policies investors had anticipated would spur inflation and drive up US interest rates.
Analysts said that, with little else in the way of new developments, Federal Reserve meeting minutes released Wednesday showing that there was much less urgency to raise rates among voting members continued to fuel doubts that the US central bank would raise interest rates next month.
The dollar index was down 0.12 percent at 100.930 after hitting a one-week low of 100.660. The index hit a 14-year high of 103.820 at the start of the year, largely on the hopes surrounding Trump's avowed pro-growth policies.
The dollar was down 0.3 percent against the yen at 112.23 yen after touching 112.06 yen, its lowest since February 9. The euro was up slightly against the dollar at $1.0587.